You don’t need to go without

We all have a favourite pair of jeans that we have had for years and they are always our first choice selection – despite the numerous other pairs we have in our wardrobes.

We have to ask ourselves why on earth we purchased those other jeans in the first place?

I expect if you take a look in most peoples homes you will find at least 5 pairs of jeans, at least 3 of which have not had very much usage in return for the hard earned money you have exchanged, (or the future hard work you will need to put in to pay off that nice shiny piece of plastic those lovely people at the banks just happen to hand to you. . . .).

A simple way to keep more money in your account is to limit yourself to only 2 pairs of jeans as a MAXIMUM, let’s face it most of us could get away with only 1 pair.

You can take this concept further with other items you own. Have a look at how many duplicate items you have in your wardrobe and try and figure out if the additional replica items have offered any form of return.

As an example, I have a pair of jeans that are quite similar to another pair I own and they cost me about £50. I have owned these jeans for about 2 years yet have only worn them approximately 20 times (at best). It has therefore cost me about £2.50 every time I have worn them, whereas my other pair I have owned for far longer but have been worn over 100 times and counting! It’s quite clear that the purchase was a complete waste of funds that I could really use for important things such as investing, healthcare and education (or more enjoyable activities such as drinking beer and holidays!).

Now £50 on it’s own is not exactly going to make you rich, but when you take this idea and apply it to other areas of your wardrobe you will find that it isn’t only £50 you have wasted but perhaps thousands every year. Now that really will make a difference to your life!

We live in an era where we are exposed to professional marketing almost 24/7, and therefore we need to make some form of judgment before we hand over our hard earned money.

Before swiping ask yourselves these 3 questions:

1. Do I already have a similar item? (If the answer is yes, DO NOT BUY)
2. How much use will I get from this item? (If it is less than 100 times, DO NOT BUY)
3. How many hours have I worked, or will I need to work in the future to make this purchase? (I expect this question alone will put that card back in your pocket rather quickly)

We live in an age of abundance and we are fortunate to have all of these products available either via a click of a button or at one convenient air-conditioned location. However our income from month to month is limited, and therefore our purchases should match. You don’t need to go without, you just only need one.

By Mark Underdown

Financial Coach, Small Acorn Money

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